Democrat Elizabeth Warren outlined on Tuesday how, if elected to the White House, she would on the first day of her presidency cancel federal student loan debt by using the Department of Education's pre-existing authority. Warren had previously called for the cancellation of up to $50,000 in student loan debt for each of about 42 million borrowers, but had not outlined the specific steps she would take or the timing.

Presidential candidate Elizabeth Warren says she’d order her secretary of education to cancel up to $50,000 in college debt for about 95% of student borrowers on her first day in office, effectively erasing outstanding loans for about 42 million Americans. The Democratic senator from Massachusetts vowed in a proposal released Tuesday to act immediately and not wait for Congress because the secretary of education already has broad authority to compromise on and modify student loans.

Sen. Elizabeth Warren would capitalize on the federal government's current legal authority and begin canceling existing student loan debt on her hypothetical first day in office. In a plan released Tuesday, Warren said she would direct the Secretary of Education to "use their authority to begin to compromise and modify federal student loans consistent with my plan to cancel up to $50,000 in debt for 95% of student loan borrowers," which equals about 42 million people.

Democratic presidential contender Sen. Elizabeth Warren said Tuesday that she would begin to forgive student loan debt on the first day of her administration, using legal tools that would allow her to bypass Congress. The announcement, which comes just weeks before voting begins in the first primary and caucus states, adds urgency to legislation she introduced over the summer to cancel the bulk of the nation’s outstanding student loan debt.

Sen. Elizabeth Warren has added details to her far-reaching plan to forgive college student debt and called for an investigation of racial disparities in how much students borrow. The update outlines how she would implement her campaign proposal to cancel up to $50,000 in debt for 42 million people. Her proposed wealth tax on the 75,000 richest families, the campaign has said, would cover the cost.

Presidential candidate Elizabeth Warren says she'd order her secretary of education to cancel up to $50,000 in college debt for about 95% of student borrowers on her first day in office, effectively erasing outstanding loans for about 42 million Americans.

Sen. Elizabeth Warren will start to cancel student loan debt from the first day she takes office if she's elected president, she said Tuesday, arguing that existing law would give her administration the power to wipe out student debt — without the need to pass a broad loan forgiveness bill in Congress.

Elizabeth Warren said on Tuesday that, if elected president, on day one in office she would direct the Department of Education to begin canceling the bulk of America’s student debt without waiting for legislation from Congress, a dramatic promise that could thrust loan forgiveness into the center of the Democratic primary’s policy debates.